Procore Technologies, Inc. (NYSE:PCOR) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. increased its position in Procore Technologies, Inc. (NYSE:PCOR) by 8.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,321 shares of the company’s stock after acquiring an additional 4,143 shares during the period. Edgestream Partners L.P.’s holdings in Procore Technologies were worth $3,668,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Signaturefd LLC lifted its stake in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after buying an additional 216 shares in the last quarter. Rothschild Investment LLC purchased a new stake in Procore Technologies in the 2nd quarter valued at approximately $51,000. Advisors Asset Management Inc. lifted its stake in Procore Technologies by 26.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after buying an additional 260 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its stake in Procore Technologies by 30.7% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after buying an additional 297 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Procore Technologies by 29.3% in the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock valued at $109,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Trading Down 1.1 %

Shares of PCOR opened at $57.48 on Wednesday. Procore Technologies, Inc. has a twelve month low of $48.11 and a twelve month high of $83.35. The firm has a market capitalization of $8.49 billion, a P/E ratio of -59.87 and a beta of 0.73. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. The stock’s fifty day simple moving average is $60.87 and its 200 day simple moving average is $67.70.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.14. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The firm had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. During the same period in the prior year, the firm earned ($0.28) EPS. The firm’s quarterly revenue was up 24.4% compared to the same quarter last year. On average, equities research analysts forecast that Procore Technologies, Inc. will post -0.28 earnings per share for the current year.

Analysts Set New Price Targets

PCOR has been the topic of a number of recent research reports. KeyCorp reduced their target price on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. TD Cowen assumed coverage on Procore Technologies in a research note on Wednesday, June 12th. They set a “buy” rating and a $85.00 price target on the stock. Barclays lowered Procore Technologies from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $78.00 to $54.00 in a research note on Friday, August 2nd. Mizuho reissued a “neutral” rating and set a $70.00 price target (down previously from $75.00) on shares of Procore Technologies in a research note on Tuesday, June 4th. Finally, JMP Securities reduced their price target on Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating on the stock in a research note on Friday, August 2nd. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.31.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 2,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $66.13, for a total value of $132,260.00. Following the completion of the sale, the insider now directly owns 108,705 shares in the company, valued at approximately $7,188,661.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Howard Fu sold 1,157 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $65.00, for a total transaction of $75,205.00. Following the completion of the sale, the chief financial officer now directly owns 182,561 shares in the company, valued at $11,866,465. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 2,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $66.13, for a total value of $132,260.00. Following the sale, the insider now owns 108,705 shares of the company’s stock, valued at $7,188,661.65. The disclosure for this sale can be found here. In the last three months, insiders sold 164,586 shares of company stock worth $10,291,025. Corporate insiders own 29.00% of the company’s stock.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.